Only three coaches last season – Nick Saban of Alabama, Dabo Swinney of Clemson and Jim Harbaugh of Michigan – had basic compensation for last season that was greater than Smart's new average annual pay of $7 million, according to the USA TODAY Sports salary database.

"I'd like to first thank (Georgia) President (Jere W.) Morehead and (athletics director) Greg McGarity for allowing me to lead this program," Smart said in a statement. "I'm humbled by the faith they've placed in me and won't ever take that for granted. I'd also like to thank our staff and our entire football family. Without their hard work and dedication we wouldn't have been able to have the kind of success we've had in such a short period of time."

Smart, who played at Georgia from 1995-98, is 21-7 in two seasons at his alma mater after eight years as the defensive coordinator at Alabama.

The Bulldogs won the SEC in 2017 and beat Oklahoma in overtime in their College Football Playoff semifinal game at the Rose Bowl. They fell to the Crimson Tide in championship game in overtime.

"In just two short years, Coach Smart has established a new level of excellence in UGA's storied football program," Morehead said in a statement. "I look forward to his continued success and his strong support of this great university."